What would Alexander Lukashenko’s re-election mean for cryptology?

What would Alexander Lukashenko’s re-election mean for cryptomontages?

Protests have erupted in Belarus following Sunday’s presidential elections, but the possible continuation of Alexander Lukashenko’s presidency may be good news for the cryptoshops.

Lukashenko reportedly won re-election against opposition candidate Svetlana Tikhanovskaya in a landslide victory with over 80% of the vote on August 9. However, officials in many nations and within Belarus are condemning the election results as flawed, with reports of falsified ballots.

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Europe’s last dictator
The president of the Eastern European nation has served since 1994, during which time he has made several statements in favor of blockchain technology since he legalized Bitcoin Rush and initial coin offerings in December 2017.

In an April 2019 video of Lukashenko addressing a crowd, the president proposed using excess power from the country’s first nuclear power plant, scheduled to be completed by the end of 2020, to mine cryptosystems such as Bitcoin (BTC) and sell them.

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Their words were met with laughter by the audience, but Bitcoin optimist Anthony Pompliano responded by saying „every country will be a miner and every country will have Bitcoin.

Kryptonian legislation

Belarus has not been at the forefront of debates on cryptomonics and blockchain technology around the world, but the nation has made some legislative changes.

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In March, a Belarusian state authority asked legislators to authorize it to seize crypto-currencies from criminals. Reportedly, the country’s central bank is also establishing a program to allow commercial and state banks to issue tokens and conduct business such as crypto-currency exchanges.